前三季度收益靠前的基金。数据来自Wind 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 随着2025年基金三季报的全面披露，前三季度主动权益基金的业绩表现正式揭晓。今年的资本市场，以 人工智能为代表的科技板块表现抢眼，带动相关主题基金净值大幅攀升。其中，任桀管理的永赢科技智 选A以194.49%的复权单位净值增长率荣登业绩榜首，成为前三季度主动权益基金的业绩冠军。 除永赢科技智选A外，多只聚焦科技和新兴产业的基金同样表现优异。中欧数字经济A以140.86%的增 长率位居第二，恒越优势精选和中航机遇领航A分别以128.21%和127.17%的增长率紧随其后，共同勾勒 出今年前三季度科技投资的主线行情。 科技基金业绩与规模双丰收 永赢科技智选A的卓越表现不仅体现在净值增长上，更直接带来了基金规模的爆发式增长。根据Wind数 据统计，截至三季度末，该基金资产净值已飙升至115.21亿元，较二季度末的11.66亿元增长888.08%， 与一季度末的2.52亿元相比，更是激增近45倍。这一规模变化充分体现了投资者对绩优基金的热烈追 捧。 从持仓结构来看，永赢科技智选A的前十大重仓股中，年内表现亮 ...

Core Viewpoint - The A-share market has shown a clear "track market" characteristic this year, with significant performance in sectors like AI and innovative pharmaceuticals, while traditional sectors like consumption and banking are struggling [1][2]. Group 1: Market Performance - As of October 10, 2023, 53 funds have doubled their performance year-to-date, with 43 of these being actively managed equity products, highlighting the advantage of active management in a structural market [2][3]. - The technology and pharmaceutical sectors have emerged as the biggest winners, with top-performing funds like Yongying Technology Smart A achieving a return of 187.86% [2]. - The overall performance of the A-share market has been mixed, with over 96% of equity products showing positive returns, but 20 funds still experiencing declines of over 10% [3]. Group 2: Impact of External Factors - The recent escalation of the US-China tariff conflict has introduced new uncertainties to the market, with the A-share indices experiencing slight declines on October 13, 2023 [1][5]. - Analysts believe the current market reaction to the tariff threat is different from the sharp declines seen in April, as the market has become somewhat immune to such threats due to previous experiences [5][6]. - The consensus among analysts is that while short-term market fluctuations may occur, the long-term focus on technology and growth sectors remains unchanged [7]. Group 3: Investment Strategies - In light of the current market conditions, it is suggested that investors focus on funds with mature strategies and stable teams, balancing performance with stability [4]. - The recommendation is to wait for short-term market risks to fully materialize before increasing positions, while maintaining a focus on sectors with clear growth trends like AI and innovative pharmaceuticals [7].

Group 1 - The equity market experienced a comprehensive rise in Q3 2025, benefiting both investors and fund companies as fund net values increased [1] - Employee holdings are primarily concentrated in stable products and those managed by star fund managers, with some equity funds showing significant returns in Q3 [1] Group 2 - As of mid-2025, there are 10,075 funds in the market with initial shares held by employees, with money market funds being the mainstay of employee holdings [3] - Among the top twenty funds, 16 are money market funds, with E Fund Cash Management holding 378 million shares, and other funds like Huatai-PB and CITIC Securities holding over 100 million shares each [3] - In the active equity category, Zhonggeng Value Pioneer leads with 197 million shares held by employees, followed by other funds with significant holdings [3] - Overall employee holdings slightly decreased to 6.029 billion shares by the end of Q2 compared to the end of the previous year due to profit-taking behavior [3] - Zhonggeng Value Pioneer heavily invested in Anjixin Food, achieving a net value increase of 13.31%, while Hengyue Advantage Selection's net value doubled [3]

Core Insights - The third quarter saw a significant rise in equity markets, leading to an increase in fund net values, benefiting both investors and fund management employees [1] - Fund managers' internal holdings were concentrated in stable industry-focused funds, with some managers delivering exceptional performance, rewarding internal trust [1][6] - Notably, funds managed by Jin Zicai from Caitong Fund experienced approximately a 90% increase in the third quarter, indicating his strong influence within the company [1][6] Fund Holdings Overview - As of mid-2025, there are 10,075 fund products held by public fund employees, with a majority being stable money market funds [3] - Among the top twenty funds, sixteen are money market funds, with E Fund Cash Growth Money Fund having 378 million shares held by its employees [3] - Active equity products show that Zhonggeng Value Pioneer has the highest employee holdings at 197 million shares, followed by other notable funds [3][4] Performance of Active Equity Funds - The third quarter provided substantial returns for active equity funds, with Zhonggeng Value Pioneer seeing a net value increase of approximately 13.31% [6] - The fund's investment strategy focuses on low valuation and growth potential, aiming for long-term gains through careful stock selection [7] - Other funds, such as Hengyue Advantage Select, also achieved significant gains, with employee holdings reflecting confidence in these products [6][7] Employee Ownership Ratios - As of mid-2025, certain funds like Jinyuan Shun'an Xinyi and Dongfang Alpha Technology Select have over 99% of their shares held by employees, indicating strong internal support [8] - Newer funds with lower entry thresholds have seen high employee ownership ratios, reflecting confidence in their performance [8]

Core Insights - The public fund industry has experienced a fruitful year in the structural bull market leading up to Q3 2025, with active equity funds making a significant comeback [1] - A total of 53 funds have achieved over 100% returns year-to-date, with active equity funds accounting for 42 of these, highlighting the effective strategies of fund managers in high-growth sectors like technology and innovation [2][4] - Gold ETFs have emerged as the standout performers in the commodity fund sector, with all 14 gold ETFs showing gains exceeding 40% year-to-date [5] Fund Performance - The top-performing fund, managed by Ren Jie, is the Yongying Technology Smart Selection A, with a return of 194.49%, heavily invested in the overseas computing power industry [2] - The second-best performer is the Huatai-PineBridge Hong Kong Advantage Selection A, achieving a return of 155.09%, focusing on Hong Kong's innovative pharmaceutical stocks [2] - Other notable funds include the China Europe Digital Economy A with a return of 140.86%, and two additional funds with returns of over 128% [3] Gold ETF Highlights - Gold ETFs have shown remarkable performance, with the top two funds achieving returns of 41.48% and 41.47% respectively [5] - Over the past three years, these gold ETFs have accumulated returns exceeding 110%, indicating strong long-term investment potential [6] - The recent surge in international gold prices, reaching a high of $3922.7 per ounce, is expected to further enhance the investment value of gold [6] Asset Allocation Outlook - Looking ahead to Q4, market sentiment remains high, with structural opportunities continuing to emerge, although some signs of overvaluation are noted [7] - Investment strategies may shift from growth to cyclical and consumer sectors, with a focus on underperforming cyclical stocks that may benefit from policy changes [8] - The ongoing AI technology revolution is expected to provide a premium for related assets, despite current high valuations [8][9] - The bull market trend is anticipated to continue, with a focus on emerging technologies and cyclical financials, particularly in the Hong Kong market [9]

Core Viewpoint - The public fund industry has experienced a fruitful year in the structural bull market, with active equity funds achieving remarkable performance, particularly in the AI computing and innovative pharmaceutical sectors, leading to a significant number of funds doubling their returns [1][3]. Group 1: Performance of Active Equity Funds - A total of 53 funds have seen their returns exceed 100% year-to-date as of September 30, with 42 of these being active equity funds, highlighting the fund managers' effective strategies in popular sectors like technology growth [3][4]. - The top-performing fund, managed by Ren Jie, achieved a return of 194.49%, heavily investing in the overseas computing industry chain, with significant contributions from stocks like Shenghong Technology, which surged 581% this year [3]. - Other notable funds include Zhang Wei's fund with a 155.09% return, focusing on Hong Kong innovative pharmaceuticals, and Feng Ludan's fund with a 140.86% return, both demonstrating strong performance in their respective sectors [3]. Group 2: Gold ETFs Performance - Gold ETFs have emerged as the standout performers in the commodity fund sector, with all 14 gold ETFs showing year-to-date gains exceeding 40% as of September 30 [6]. - The top gold ETFs, managed by Zhao Xu and Rong Ying, reported returns of 41.48% and 41.47%, respectively, reflecting the strong investment value of gold amid rising international gold prices [6][7]. - Over the past three years, these gold ETFs have accumulated returns exceeding 110%, indicating their robust long-term investment potential [7]. Group 3: Asset Allocation Outlook for Q4 - Looking ahead to Q4, several fund companies have provided asset allocation recommendations, suggesting a focus on growth sectors initially, followed by cyclical and consumer stocks, and finally stable dividend-paying stocks [9][10]. - The ongoing structural opportunities in the market are expected to continue, with a particular emphasis on technology, innovative pharmaceuticals, and sectors benefiting from supply-side improvements, such as new energy and chemicals [10][12]. - Companies like Guotai Fund maintain a bullish outlook on the market, emphasizing the continued importance of emerging technologies and the potential for recovery in sectors like renewable energy due to policy changes [11][12].

Core Insights - The public fund industry has experienced a fruitful year in the structural bull market, with active equity funds making a significant comeback, particularly supported by the AI computing and innovative pharmaceutical sectors [1][2]. Group 1: Fund Performance - A total of 53 funds have achieved over 100% returns year-to-date as of September 30, with 42 of these being active equity funds, showcasing the fund managers' effective strategies in high-growth sectors [2][4]. - The top-performing fund, managed by Ren Jie, achieved a return of 194.49%, heavily investing in the overseas computing industry chain, with significant contributions from stocks like Shenghong Technology, which surged 581% this year [2][3]. - Other notable funds include Zhang Wei's fund with a 155.09% return, focusing on Hong Kong's innovative pharmaceuticals, and Feng Ludan's fund with a 140.86% return, both capitalizing on the AI industry chain [3]. Group 2: Commodity Performance - Gold ETFs have emerged as the standout performers in the commodity fund sector, with all 14 gold ETFs showing gains exceeding 40% year-to-date, driven by rising international gold prices [5][6]. - The highest-performing gold ETFs, managed by Zhao Xu and Rong Ying, reported returns of 41.48% and 41.47%, respectively, reflecting strong long-term investment value [5][6]. Group 3: Market Outlook - Looking ahead to Q4, several fund companies suggest maintaining a focus on growth sectors while also considering cyclical and consumer stocks, as the market has already seen significant gains [7][8]. - The ongoing AI technology innovation is expected to provide a premium valuation for related assets, despite potential short-term volatility [8][9]. - The overall market sentiment remains bullish, with continued optimism for emerging technologies and cyclical financial sectors, particularly in the context of the "anti-involution" policies that may enhance competition in the renewable energy sector [9].

Core Insights - The average performance of active equity funds in the first three quarters of the year exceeded 29%, with 39 funds achieving over 100% growth, and the best-performing fund nearing 195% [1][2][6]. Market Performance - The A-share market showed strong performance in the first three quarters, with the ChiNext 50 index rising by 63.04%, and several other indices, including the ChiNext, Northbound 50, and CSI 2000, increasing by over 30% [1]. - Significant sector performance divergence was observed, with non-ferrous metals, communications, and electronics leading with over 50% gains, while coal, food and beverage, and transportation sectors faced declines [1]. Fund Performance - Active equity funds achieved an average net asset value growth rate of 29.24% in the first three quarters, outperforming major indices like the Shanghai Composite and CSI 300 [4]. - Among active equity funds, those with minimum stock holdings of 80% and 60% demonstrated stronger performance, with average growth rates of 35.44% and 36.09% respectively [4]. Fund Manager Success - The year 2025 is marked as a breakout year for active equity funds, with a notable number of funds achieving significant returns due to strong market conditions in sectors like technology and healthcare [6]. - The top-performing fund, managed by Ren Jie, saw a net asset value increase of 194.49%, while other notable funds also reported substantial growth rates exceeding 120% [6]. Index Fund Performance - Five index funds achieved "double" performance, primarily driven by the innovative pharmaceutical sector, which saw a cumulative increase of 118.52% [10]. - Several ETFs tracking the innovative pharmaceutical sector and other high-growth areas like communication equipment and artificial intelligence also reported impressive performance, with many exceeding 80% growth [10].

【导读】前三季度主动权益基金平均业绩超29%，39只"翻倍基"，最牛接近195% 中国基金报记者 方丽 孙晓辉 今年前三季度，A股市场持续走强，结构性亮点纷呈，科技成长 与资源品板块领涨， 公募权 益基金赚钱效应显著，业绩翻倍基金批量诞生！ 具体来看，主流指数前三季度总体上演上涨行情，其中 科创创业 50年内涨幅达到63.04%， 表现最好；创业板指、科创50、北证50、中证2000等指数表现强势，涨幅超30%，仅红利 指数、中证红利出现下跌。 主动权益基金前三季度单位净值 平均涨29.24% 受益于股市上涨，今年前三季度权益类基金交出了亮眼的成绩单。 从申万一级行业来看，前三季度行业表现也出现巨大分化。有色金属、通信、电子位居前 三，年内涨幅均超50%，电力设备、综合、机械设备、传媒、汽车、计算机、基础化工、医 药生物等板块涨幅超过20%；煤炭、食品饮料、石油石化、交通运输等板块逆势下跌。 | | 序号 代码 ▼ 名称 | | 年初至今 | | --- | --- | --- | --- | | | へ 申银万国一级行业指数 | | | | - | | 801050 有色金属(申万 | 67.52% | | ...

Core Insights - Active management funds have shown outstanding performance in a rapidly rotating structured market, leveraging flexibility, stock selection, and balanced allocation [1] - Hengyue Fund has achieved significant returns with six of its ten actively managed equity funds showing a net value growth rate exceeding 50% over the past year, placing them in the top 20 of their category [1] - Hengyue Advantage Selection Fund has recorded a remarkable 92% increase in net value over the past year, ranking in the top 5% of its peers [1] Performance Metrics - As of August 13, there are 335 equity hybrid funds with a growth rate exceeding 60% in the past year, with three funds from Hengyue Fund included [1] - Among 79 funds with a growth rate over 90%, one fund from Hengyue Fund is represented [1] - Many top-performing funds focus on niche themes such as the Beijing Stock Exchange, innovative pharmaceuticals, and AI, while Hengyue's products are primarily broad-based stock selections [1] Fund Strategy - Hengyue Fund emphasizes active management since its inception, utilizing the expertise of its research team to create a diverse product system [1] - The active equity funds under Hengyue Fund have distinct characteristics: Hengyue Advantage Selection and Hengyue Growth Selection focus on high elasticity growth, capturing investment opportunities in AI computing power and optical modules [1] - Hengyue Blue Chip Selection and Hengyue Core Selection are designed for stable growth, balancing investments in domestic alternatives and controllable supply chains, while strictly managing drawdowns [1] - Hengyue Research Selection targets traditional value sectors such as chemicals and infrastructure [1]